In this digital era where almost, everything is being handled digitally, there exists a digital mechanism called cryptocurrency, whereby you can invest your money digitally with your sole ownership and earn a decent amount of profit n a shorter span. During the past few years, Crypto Industry has shown its reliability and has set a benchmark in the field of trading Industry throughout the globe. The biggest merit of the Crypto Industry is that no intermediary looks after your invested money, such as banks or any governmental Institutions. It enables safe practices by using mathematical calculations called “codes” so that except the intended informant none can decipher the information provided.
Types of Cryptocurrencies
Cryptocurrencies are categorized into two types:
1) Alternative Cryptocurrency Coins (Altcoins)
Alternative Cryptocurrency Coins (Altcoins)
Altcoins are an alternative form of digital currency. Altcoins are somewhat different from the most successful form of Cryptocurrencies, that is Bitcoin. The basic difference between both is the mechanism they have. That presently the types of Altcoins available in the crypto Industry have gained immense popularity amongst the traders and the same are, Litecoin, Aurora coin, Peercoin, and dogecoin.
Crypto Token is a virtual denomination that constitutes a saleable asset or utility which locates on its blockchain and lets the holder use it for money-making or investment purposes. Unlike coins, they are not money. If you want to start your journey with bitcoin trading, you can know more about bitcoin investment techniques.
The most common cryptocurrency.
At present Bitcoin is the most famous and profitable form of cryptocurrencies and is well known for its reliability. Mr Satoshi Nakamoto is the alleged founder of Bitcoin. Bitcoin holds the maximum number of Investors at present. One can send bitcoin to your digital wallet, and you can further send it to someone else. It is the world’s most expensive and popular cryptocurrency.
The basic similarity between Litecoin and bitcoin is that both works in a similar mechanism. According to certain analytical reports, Mr. Charlie Lee has been considered the founder of Litecoin. Such reports also state that Charlie introduced it in the year 2011. Litecoin has successfully made it in the list of the top most profitable cryptocurrencies. The creator of this cryptocurrency mainly emphasized giving good competition to Bitcoin and for the same he tried his best to remove all the barriers that hinder the investor from attaining success.
Dogecoin is also a new form of cryptocurrency that was introduced in the year 2013. According to the reports, two individuals namely Jackson and Markus are behind its creation. Dogecoin is pretty famous for its logo, similar to its name a dog’s picture has been used in its logo. Doge within the past few years has gained tremendous popularity amongst the traders and have also successfully benefitted its investor by generating them a good amount of profit.
Ripple is also a well-known payment network. Ripple was introduced in the year 2012. As per a report published in the year 2013, Ryan Fugger along with two other individuals launched it in the mid of 2012. Ripple provides safe and secure payment platforms to traders. The best aspect of the functioning mechanism of Ripple is that it keeps a proper record of the transactions that take place through its online platform. Ripple creators mainly focused on introducing a platform having enough capacity of making lightning-speed transactions across the globe.
At present Ethereum is the most only form of cryptocurrency, whose popularity is increasing amongst the traders exponentially. According to the sources, Ethereum was introduced at the beginning of the year 2015. The best feature of Ethereum is how it functions because it involves a smart contract for completing the transactions and during that it refrains all the outer elements as a result of which it provides safe and secure transactions.
The information shared above consists of details of various forms of cryptocurrencies that are currently present in the Crypto trading industry. I hope that this information helps you all in becoming a smart and successful trader in your respective lives. Have a wonderful time to make a profitable future, good luck!